NDIC to Reimburse Heritage Bank Customers Within One Week – Managing Director

The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank that there is no cause for concern, as the process of repaying their funds is already underway.

NDIC Managing Director, Bello Hassan, made this announcement during a press briefing where he detailed the repayment procedures. He emphasized that, contrary to the 30-day period mandated by law, the corporation aims to settle customers within one week.

Hassan highlighted that NDIC personnel are already stationed at all Heritage Bank locations, and the verification of insured deposits has commenced.

“All depositors are currently being verified for the payment of insured benefits up to N5 million. Depositors with amounts exceeding N5 million will receive their funds following the sale of the bank’s assets,” stated Hassan.

He further explained that the 2023 NDIC Act prescribes payment for liquidated banks within 30 days. “You may recall that the recovery rate was initially low, but the new Act has granted the NDIC enhanced powers,” Hassan added.